Strategy (formerly MicroStrategy) and its subsidiaries hold approximately 499,096 bitcoins—

with a total purchase cost of about $33.1 billion, averaging a purchase price of $66,357 per bitcoin.

Clearly, they will continue to buy!

Why can they operate this way?

For example:

If you compare bitcoin to early Manhattan or the land in Beijing and Shanghai;

then MicroStrategy is like a super player collecting Manhattan real estate, believing that it is still very early, and that the land in Manhattan can appreciate several times, making land purchases increasingly valuable.

Slowly, they accumulate a lot of land, not only buying for themselves but also borrowing some money to buy.

They believe that real estate will become more expensive, so they are not afraid of price drops.

Their method of borrowing money is also very clever; they are not easily forced to sell land to repay debts. They use a smart method called 'convertible bonds.' This means that those who lend money to MicroStrategy can choose to take MicroStrategy's 'shares' as repayment instead of requiring cash. If land prices drop, these people might say: 'No problem, we can take some shares,' so MicroStrategy doesn't have to sell assets immediately to repay, significantly reducing the risk. Moreover, these bonds take several years to mature, giving them time to wait for bitcoin to rise again.

However, if both bitcoin and MicroStrategy shares become worthless at the same time, the lenders might still say: 'Pay us back quickly!' In that case, MicroStrategy would have to sell land to repay. So the risk is reduced, but not completely eliminated.

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